Qatar’s sovereign wealth fund is set to acquire a number of five-star hotels and a golf club on the Italian island of Sardinia, it has been reported.
According to Italian media, Qatar Holding will purchase Smeralda Holding, whose assets on the island include four five-star hotels, the world-class Pevero Golf Club and a marina with 700 yacht berths.
The assets are currently held by US property magnate Tom Barrack, whose Colony Capital fund acquired Smeralda for a reported €290m (US$380m) in 2003.
This would not be the first time government-backed Qatari investors have purchased high value assets from Colony.
Qatar Investment Authority, another fund in the gas-rich Gulf state, acquired a 70 percent stake in French top tier football team Paris St Germain from Colony in May 2011, before buying up the remaining 30 percent in March this year.
The sale to Qatar Holding, whose assets in Europe already include London’s Harrods store, would see the Gulf state fund pay off Smeralda Holding’s reported €200m of debt, reports stated.
Qatari investors have been busy snapping up assets in Europe of late, with properties including London’s Shard skyscraper, One Hyde Park and Chelsea Barracks all currently part-owned by investors from the Gulf state.